Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

SINGAPORE – Euromonitor International and Retail Asia are proud to announce the launch of the 14th ‘Retail Asia Top 500 Retailers Ranking’. According to the report, mobile retailing represents the fastest growing digital channel in Asia Pacific, with sales totalling US$328 billion in 2016, an increase of 64 percent year on year. Mobile commerce accounts for over 50 percent of total digital commerce in China, Indonesia and South Korea. Euromonitor expects the region to reach US$795 billion by 2021, almost tripling North America’s leading mobile commerce market size.

“The success of internet and mobile retailing is a response to the rising demand for convenience driven by ageing populations, the rise of smaller households, urbanization and hyper connected consumers,” says Michelle Grant, head of retailing at Euromonitor International. “As shoppers seek more convenience-based offerings, retailers will meet this demand by developing methods to assist frictionless shopping, including opening new convenience focused formats and enabling more purchases via internet – connected devices. Digital commerce is a truly coming force, one that retailers need to include in their strategy.” Grant added.

Euromonitor and Retail Asia announced that the region’s top 500 retailers recorded total sales of US$940 billion in 2016. While China and Japan witnessed slowing growth, Southeast Asian economies performed well in 2016 with many retailers in India, Indonesia, Philippines and Vietnam experiencing double-digit sales growth.

The Retail Asia Top 500 ranking, based on Euromonitor International’s retailing data, ranks the top retailers from 14 key economies across Asia Pacific in terms of total sales, number of outlets, sales area and sales per square metres.